ASEEL EQUINE: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
ASEEL EQUINE
Largest movements
- Tangible fixed assets +€326,543
up €326,543 (+10,079%), from €3,240 to €329,783
of which Other tangible fixed assets: +€204,631
- Receivables after one year -€33,758
down €33,758 (-100%), from €33,758 to €0
- Cash -€6,921
down €6,921 (-80.1%), from €8,642 to €1,721
mainly Investment in fixed assets (net) (-€336,281) and Net result for the year (-€130,222)
- Receivables within one year +€5,942
up €5,942 (+19.0%), from €31,224 to €37,166
of which Other amounts receivable: +€5,610
- Intangible fixed assets -€4,440
down €4,440 (-36.1%), from €12,303 to €7,863
- Debts after one year +€348,514
new in 2025: €348,514
of which Other amounts payable: +€329,508
- Profit (loss) carried forward -€79,198
down €79,198 (-619%), from -€12,798 to -€91,996
- Trade debts +€10,690
up €10,690 (+1,536%), from €696 to €11,386
- Current portion of long-term debt +€5,020
up €5,020, from €0 to €5,020
- Other debts +€4,522
up €4,522, from €0 to €4,522
- Gross operating margin -€139,746
down €139,746, from €50,893 to -€88,853
- Staff costs +€17,078
new in 2025: €17,078
- Depreciation +€9,469
up €9,469 (+201%), from €4,709 to €14,178
- Other operating charges +€7,208
up €7,208 (+824%), from €875 to €8,083
- Financial income -€1,934
down €1,934 (-99.2%), from €1,950 to €16
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €90,573 | €378,779 | +€288,206 | +318% |
| Fixed assets | 21/28 | €15,543 | €337,646 | +€322,103 | +2,072% |
| Intangible fixed assets | 21 | €12,303 | €7,863 | -€4,440 | -36.1% |
| Tangible fixed assets | 22/27 | €3,240 | €329,783 | +€326,543 | +10,079% |
| Plant, machinery and equipment | 23 | €1,978 | €78,834 | +€76,856 | +3,885% |
| Furniture and vehicles | 24 | €1,262 | €17,289 | +€16,027 | +1,270% |
| Leasing and similar rights | 25 | - | €29,029 | +€29,029 | |
| Other tangible fixed assets | 26 | €0 | €204,631 | +€204,631 | |
| Current assets | 29/58 | €75,031 | €41,133 | -€33,898 | -45.2% |
| Amounts receivable after more than one year | 29 | €33,758 | €0 | -€33,758 | -100% |
| Other amounts receivable | 291 | €33,758 | €0 | -€33,758 | -100% |
| Amounts receivable within one year | 40/41 | €31,224 | €37,166 | +€5,942 | +19.0% |
| Trade receivables | 40 | €18,023 | €18,355 | +€332 | +1.8% |
| Other amounts receivable | 41 | €13,201 | €18,811 | +€5,610 | +42.5% |
| Cash at bank and in hand | 54/58 | €8,642 | €1,721 | -€6,921 | -80.1% |
| Deferred charges and accrued income | 490/1 | €1,407 | €2,246 | +€839 | +59.6% |
| Total equity and liabilities | 10/49 | €90,573 | €378,779 | +€288,206 | +318% |
| Equity | 10/15 | €81,190 | €968 | -€80,222 | -98.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €87,787 | €86,764 | -€1,023 | -1.2% |
| Tax-exempt reserves | 132 | €22,484 | €21,460 | -€1,023 | -4.6% |
| Distributable reserves | 133 | €65,304 | €65,304 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€12,798 | -€91,996 | -€79,198 | -619% |
| Provisions and deferred taxes | 16 | €7,495 | €7,153 | -€341 | -4.6% |
| Deferred taxes | 168 | €7,495 | €7,153 | -€341 | -4.6% |
| Amounts payable | 17/49 | €1,889 | €370,657 | +€368,768 | +19,520% |
| Amounts payable after more than one year | 17 | - | €348,514 | +€348,514 | |
| Financial debts | 170/4 | - | €19,005 | +€19,005 | |
| Other amounts payable | 178/9 | - | €329,508 | +€329,508 | |
| Amounts payable within one year | 42/48 | €1,889 | €22,144 | +€20,254 | +1,072% |
| Current portion of amounts payable after more than one year | 42 | €0 | €5,020 | +€5,020 | |
| Trade debts | 44 | €696 | €11,386 | +€10,690 | +1,536% |
| Suppliers | 440/4 | €696 | €11,386 | +€10,690 | +1,536% |
| Taxes, remuneration and social security | 45 | €1,193 | €1,216 | +€22 | +1.9% |
| Taxes | 450/3 | €1,193 | €1,216 | +€22 | +1.9% |
| Other amounts payable | 47/48 | €0 | €4,522 | +€4,522 | |
| Non-recurring operating income | 76A | €1,366 | €0 | -€1,366 | -100% |
| Remuneration, social security and pensions | 62 | - | €17,078 | +€17,078 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,709 | €14,178 | +€9,469 | +201% |
| Other operating charges | 640/8 | €875 | €8,083 | +€7,208 | +824% |
| Non-recurring operating charges | 66A | €10,943 | €0 | -€10,943 | -100% |
| Gross operating margin | 9900 | €50,893 | -€88,853 | -€139,746 | |
| Operating profit (loss) | 9901 | €34,365 | -€128,192 | -€162,557 | |
| Financial income | 75/76B | €1,950 | €16 | -€1,934 | -99.2% |
| Recurring financial income | 75 | €1,950 | €16 | -€1,934 | -99.2% |
| Financial charges | 65/66B | €780 | €2,139 | +€1,359 | +174% |
| Recurring financial charges | 65 | €780 | €2,139 | +€1,359 | +174% |
| Profit (loss) for the period before taxes | 9903 | €35,536 | -€130,315 | -€165,851 | |
| Transfer from deferred taxes | 780 | €5 | €341 | +€336 | +6,135% |
| Transfer to deferred taxes | 680 | €7,500 | €0 | -€7,500 | -100% |
| Income taxes | 67/77 | €269 | €248 | -€21 | -7.9% |
| Profit (loss) for the period | 9904 | €27,772 | -€130,222 | -€157,994 | |
| Transfer from tax-exempt reserves | 789 | €16 | €1,023 | +€1,007 | +6,143% |
| Transfer to tax-exempt reserves | 689 | €22,500 | €0 | -€22,500 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €5,289 | -€129,198 | -€134,487 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.